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the country's debt, alan simpson and erskine bous. take a look at how we're settling on wall street today. the market did end off the worst levels of the session. nonetheless, we continue to see a decline. the markett down about 5% since the election. we continue to see a deterioration here. the nasdaq gave up about ten points at 2836. the s&p flat on the night, down about 2.25 points. the market closing lower once again today, adding to the losses we have been seeing since the election. is a deal in washington what investors are waiting for to get back into the game? joining me now is ben pace from deutsch back private wealth management, scott collier and our own mandy drury. good to see everybody. ben pace, what is behind this selling, and when will it end? what's your take? >> i don't think it's really economic right now, maria. i think it's pretty political. every pronouncement we've heard over the last four, five days has decreased the likelihood we're going to have a quick resolution of bargaining that has to happen in washington. again, it has to happen. it increases the likelihood
conservatives. >> thanks, guys. >>> yesterday, when maria sat down with alan simpson and erskine bowles, simpson took aim at republicans like grover norquist who have pledged not to raise taxes under any circumstances. listen to this. >> i've always said about grover he's wandering the earth in his white robes. what can he do to you? he can't murder you. he can't burn your house. the only thing he can do to you is defeat you for re-election. if that means more to you than your country when it means patriots instead of panderers, you shouldn't be in congress. >> joining us on the phone with reaction is mr. grover norquist from americans for tax reform. i know alan simpson has never been a big fan of yours, but what do you think about what he that had to say yesterday, especially after the election? >> well, he's left similar rambling statements on our voicemail at the office. alan simpson ranting is not news. the proposal that he put together and that people like paul ryan rejected back in 2010 would take taxes as a percentage of gdp from 18.5% during full employment, the average over the last 30
on spending and bad on taxes and he broke his word. >> what is alan simpson's message to grover? we'll ask him in a few minutes. >> how do you deal with guys who came to stop government or grover wandering the earth in his white robe saying he wants to drown government in the bathtub. i hope he slips in there with it. >> susan rice back for more on capitol hill with failing to persuade more republican senators. >> i would need to have additional information before i could support her nomination. i think it will be premature for me to reach that judgment now. >> i would just ask the president to step back. >> senate republican kelly ayotte, who has threatened to block a rice nomination, joins us ahead. and powerball fever sweeping the nation. the jackpot now jumps to $500 million. the second highest in lottery history. what would you do with your winning ticket. >> i would take my entire family on a cruise around the world. >> a sports car for me. >> aston martin. >> i'll pinch myself. >> i would pinch myself too. good day, i'm andrea mitchell live in washington. thanks for joining us. you can
really mean it this time. the former co-chairs of the debt commission, alan simpson and erskine bowles weigh in on where we stand on the fiscal cliff. plus, we'll find out if the white house has even called them. back after this. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> welcome back to the "closing bell." can the u.s. economy grow its way out of the debt problem? jim pahlsson from wells capital management says we do need to address entitlement spending if the economy in the u.s. gets on track, the debt here will not be a crisis. >> jim joins us along with rick santelli, who has a very different point of view. let me warn both of you, we're a little tight on time. jim, make the case for growing our way out of this crisis. >> well, i think, bill, that what i'm impressed by is how much the deficit has improve
of honor winner. >> is endorsement of the chuck hagel and alan simpson, serious republican leaders during the day and the senate. >> close in the poll. connecticut -- linda mcmahon's second race, millions of dollars doesn't do it. joe donnelly in indiana and not against mourdock -- hanging on against mourdock, the tea party candidate. jon tester in an absolute dead heat -- >> heidekamp, the long shot parcourse in north dakota, a perfect candidate, basically even with the republic -- terrific candidate, basically even with the republican candidate. mccaskill is close, i think. >> to use t -- do you see much ticket splitting? a vote for obama or romney and then republican or democrat? >> i think we are in more plus n -- allies nation. >> ticket splitting would be helpful to romney, if the democrats held the senate, because romney could say to the crazies and his party that i have to make a deal with the democrats. >> back at bain? >> i am saying if elected, it might not be a tragedy -- >> republicans on not only going to keep tabs, probably going to keep most of their majority. the democrat
cuts to entitlement programs. and last night on hardball, former republican senator alan simpson gave his thoughts on the fiscal cliff and failure of lawmakers to reach an agreement. p. >> they love their party more than they love their country. how it we get to that point, don't ask me, but the whole business of reform and money in the campaign and beat up the guy, and it's not a case of who wins. it's you want to be sure somebody loses. and i say to people whether it's grover norquist or whatever, lord's sake, if you can't step up to the plate, what can happen to you? they can't murder you, they can't burn your house. the only thing they can do is defeat for you re-election by throwing some coo-coo from the left or right on you and if that means more than your country when it's extremity patriots instead of panderer, you shouldn't even be in the damn congress. >> tonight chris matthews delivers your daily dose of political analysis from the nation's capital. don't miss hardball with chris matthews weekdays at 5:00 and 7:00 eastern only on msnbc, the place for politics. >>> elsewhere
of chuck hagel and alan simpson, both serious republican leaders in their day in the senate. >> it is close in the poll. chris murphy wins in connecticut. linda mcmahon's second race, millions of dollars. joe donnelly in indiana and not against mourdock. -- hanging on against mourdock. jon tester in montana absolute dead heat. heidekamp in north dakota, r an a tour of the campaign, even with the republican -- think.ill is close, i >> do you see much ticket splitting? a vote for obama or romney and then vote for republican or democrat for the senate? >> i think we are a more polarized nation. >> ticket splitting would be good because there is an interesting theory that it would be helpful to romney if the democrats kept control of the senate by a vote or two because it would allow romney to tell the crazies in his own party that i have to make a deal with the democrats. >> well -- >> back at bain? >> i'm saying, if elected, it might not be a tragedy. >> the republicans are not only going to keep the house, and they all will keep most of their majority. this is one place where redistricting a
named chief of staff to president clinton. alan simpson followed his father's footsteps into politics -- a u.s. senator. a law degree from the university of wyoming -- he was elected to the legislature in 1964 and the u.s. senate in 1978 where he served three terms and was elected as majority leader. leaving the senate, he has been director of the institute of politics at harvard and has practiced law. he is the author of the book "right in the old gazoo -- a lifetime of scrapping with the press." the breakfast is being underwritten by areva, a growing player in renewable energy and nuclear energy. we thank them for their support. as always, we are on the record here. please no live blogging or other means of filing -- to give you some time to think. there is no embargo, but c-span has agreed not to air the video of the breakfast until noon today to give those of you who actually paid to attend the breakfast time to file. finally, if you'd like to ask a question please do the traditional thing and send me a subtle, nonthreatening signal. with that, thanks again from our supporters and
reduction plan talk about the fiscal cliff and choices facing congress. both alan simpson and erskine bowles have emphasized the need for revenue increases and entitlement reform. they have urged congress to reach a compromise. this is hosted by the "christian science monitor." >> here we go. our guests this morning are erskine bowles and senator alan simpson, co-chairmen of the national commission on fiscal responsibility and reform and co-founders of the campaign to fix the debt, or as the "new york times" called them this morning, the debt duo. their last joint appearance with us was in november of 2010. let me thank them both for coming back. we are all trying to fix the nation's fiscal woes. erskine bowles is president emeritus of the university of north carolina. he also had a career in investment banking and venture capital. he came to washington in 1993 service director of the small business administration and was later named chief of staff to president clinton. alan simpson followed his father's footsteps into politics -- a u.s. senator. a law degree from the university of wyoming -
to that austerity bomb that progressive people don't like at all. former senator alan simpson proposed a plan to get the united states financial house in order that some say was our best shot at solvency. and avoiding the mess that awaits us come december 31st. senator simpson, it's always an honor. politics, i know you understand the irony of politics, it makes strange bedfellows. i want to try something by you. the president wants a deal. the president would obviously like to include something on revenues. the conservatives may not want to go along with that. but if it will include something on revenues. the best push is coming from people i don't normally side with like tom donohue of the u.s. chamber of commerce because he's warning if the congress screws around with this thing, through new year's, christmas and new year's, the whole world is going to be watching us screw it up again. and it's going to hurt the economy no matter who is in charge, it will hurt everybody, and we better darn well have a deal. i think they're the strongest push, better than the progressives, in getting a deal. your
back here with alan simpson. ten minutes and we will keep the trains running on time. take a quick break come back and we will get started again with erskin bowles and allan simpson [inaudible conversations] peterson foundation summit on the fiscal cliff will continue after the break as you heard about ten minutes with erskin bowles and alan simpson the chair of the commission that came up with a proposed spending cuts solution on creating the revenue increases. the siskel cliff budget cuts and tax increases start in january unless congress reaches a deal. >>> former cia director david petraeus will be testifying behind closed doors today in the senate select intelligence committee. for more on that now we want to turn to foreign struggle of reuters who is in the national security editor at rueters. thanks for coming on. what are the members of congress looking to hear from david petraeus about? >> they have a lot of questions. they want to know what the cia did to try to move its forces to help the attack and try to protect the consulate. but even more particularly than that, they
-- an organization founded by former republican senator alan simpson and former clinton chief of stf erskine wles. >> we should be figuring this out! >> woodruff: still, finding compromise will be tough. senior obama campaign aide david axelrod argued today that the president now has new public support for raising taxes on better-off americans. >> the president did campaign all over this country. he talked about it in debates, he talked about it in speeches on the need for balanced deficit reduction that included some new revenues. and he was re-elected by in a significant way. so i think that, hopefully, >> woodruff: house speaker john boehner said yesterday that republicans are willing to consider raising revenues, but only within limits. >> the president has called for a balanced approach to the deficit-- a combination of spending cuts and increased revenues. but a balanced approach isn't balanced if it means higher taxes on small businesses that are the key to getting our economy moving again and keeping it moving. >> woodruff: meanwhile, republican and democratic senators-- known as the gang
, to get something done. here's what alan simpson said just last week. he said what can grover norquist do to you? he can't murder you. he can't burn your house. jodi, the fact checkers have looked at that and it is true. it is a true statement that he cannot nor has he pledged to murder anyone, but it speaks to how the republican base feels about these issues. we know from the bush aera, you send people to washington, you ask them to do one thing, cut taxes and spending and they don't do it because the bush era clearly ballooned the deficit. that's why there's such heated rhetoric here. do you see less fear among these folks toward grover? >> i think what we're seeing is a desire for republicans to find their answer to one of the great questions of our age, which is that all of our leaders right now have a responsibility in one way or another to say to us, to give us the bitter medicine of saying we're all going to pay more in the future, we're all going to get less. that is the truth, it's been the truth for years, everybody knows it. norquist has to find a way to deliver that message. e
in a meeting earlier today with alan simpson and erskine bowles. a fair deal means everybody has some skin in the game and it's a serious proposal. that means on the revenue side, it has to be about a $6 trillion deal over ten years. you can't get there. alan simpson said, look, you can take every rich person in america, take away their island, their boat, tax everything, and you run the government for about nine months. the ugly truth and where the president has missed the boat, to this moment in time, is two-thirds of the federal budget is the middle class entitlements. you can't fix this problem without bringing the spending side to the tax side. all the talk today is about, oh, we get to -- these 2%, these 2%. it doesn't fix the problem. >> i think it's a shared sacrifice. how far are you willing to go on the tax issue? would you be willing to raise the rates, or are you only for getting rid of deductions? >> listen, i'm for a $5 trillion deal. but you don't get there. if you just raise the rates, you get $700 billion. you're still short $4.3 trillion. where's that going to come from?
to one of the leading voices on the nation's debt, former senator alan simpson. the co-chair of president obama's debt commission, but, first -- >> on the heels of veterans day, we're putting veterans in focus this week, including a colonel who is the first double amputee to command an army post. he embodies the sacrifices and triumphs of our veterans. meet colonel gregory goetzen. >> may 7th, 2007, my vehicle was struck by a roadside bomb in baghdad, iraq. i remember the explosion very clearly. it is something i'll never forget and over the next two weeks i would lose my legs above the knee. when i came home, of course, wounded, that was -- that was a new experience for me. i had never come home without my troops. i really felt alone. i did say absolutely enough is enough. it was -- not that i got to a point where i felt like i was going to take my life or anything like that, but i just didn't want to be a burden on anyone. i just wanted to just crawl in my hole and kind of collapse on myself. i'm very grateful and thank god i didn't do that. for me, when i tried to quit, when i tried to
is really needed is a recreation of the spirit of compromise, recognizing, as alan simpson said recently, if you don't believe in compromise and you are in politics, you were in the long line of work. host: talk to us about the case of olympia snowe. she wrote an op-ed back in march when she made her announcement that she will no longer be in the senate and talked about why she was leaving and she said some people were surprised by my conclusion yet i have spoken on the floor of the senate for years about the dysfunction and political polarization and the institution. simply put, the senate is not living up to what the founding fathers envisioned. guest: i think senator snowe's statement then was 100% accurate. i have had a chance to talk to senator snowe and i said i was not surprised when you decided to risk -- retired because of your frustration which has verged on discussed. olympia snowe's statement is very representative of what other senators feel. one reason i have been relatively optimistic compared to everyone else, even before the election, was that the senators were as angry
and former republican senator alan simpson proposed every basic element of the fiscal cliff solution being discussed now. their plan was a mixture of higher taxes, lower spending and the reform of medicare and social security. both men told us sacrifice has to come from everyone. >> all of us have to have some skin in the game to get it done. >> if you want something, pay for it. it's a sick idea, but it is an interesting idea. >> reporter: their biggest idea was to increase revenue by combining both the president's demand for higher taxes on the rich and the republican proposal to get rid of tax loopholes. bowles/simpson would eliminate almost every tax deduction for individuals and corporations, with only a few exceptions for charity donations and home mortgage interests. >> this stuff goes to the wealthiest people in america. 20% of the american people use 80% of that stuff. >> we have $1.1 trillion of loopholes, of back door spending in the tax code. >> reporter: $1.1 trillion? >> annual. and that's what we said: "let's start with a plan that wipes those out." >> reporter: their plan a
. and automatic spending cuts will kick in, beginning on january 1st. this week, i spoke with alan simpson and erskine bowles, authors of a deficit reduction plan about what needs to be done. >> you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. so grab hold, it's going to be a rocky, rocky road. >> so you're saying closing the loopholes alone brings it to a trillion. >> if you're willing to wipe out all of them, and that may not be political feasible, but you can definitely solve the problem by broadening the base, simplifying the code and getting rid of the tax expenditures. >> it upsets me you're worried we're not going to get a deal because that's how i felt. >> i think there is a one-third probability we'll get a deal in lame duck, one-third we'll go over the cliff and reach a deal right afterward but there is that one-third chance we won't and end up in chaos. >> we have felt for weeks and months no one would be dumb enough to let this happen and now they can see that it is indeed possible, to be as dull witted as pos
, and president obama on the so-called fiscal clef. later, alan simpson and erskine bowles talk about some of the fiscal choices facing congress. >> the program began under one of the advisers to president franklin roosevelt to document the conditions under which people were living. this was back when we did not have television. we had radio, but a lot of places did not have electricity, so they could not listen to the radio broadcast to find out what was going on in other parts of the country. he was an economist from columbia university. he was the head of this project. in 1939, when kodak introduced color film, they sent him to have his photographers try out, see what they could do. kodak was trying to establish a new market and product, and they wanted people who would know how to use it effectively to try it out and publicize it. >> america in the 1930's and 1940's -- the library of congress curator shares some of the 1600 color photographs taken during the depression and world war ii. .nday at 7:00 p.m. on 3. -- c-span 3. >> now, john boehner and house republican leaders talk about f
to rise, but everything tells me we're sinking below. >> alan simpson was pretty down beat. >> what was his number, 30%? >> that was erskine bowles. a third, a third, a third. a third that we go over, a third that we go over and stay over, and a third that we find an agreement. >> both the far extremes of both parties want to go over. that's what we've been saying. some other headlines, r event ckitt is trufmping the deal. >> finally a little bit of action. the bid is more than 23%. the portfolio includes mega red for heart care and move free for skroi joints. i thought it was a bowel thing. which i had a little too much of that freedom recently. the obama administration meanwhile is giving states another month to decide what role if anything they'll play in carrying out the new health care law. states have been required to declare intentions by today, but they'll have until december 14th. republican governors have requested more time and the associated press reports that 16 states are still mulling decisions. and the "wall street journal" report it is that the office of the control
unclear, what are the conditions? to former debt commission co-chair, alan simpson who joins us on the phone. that was, although a lot of people dismiss it, herculean leap toward progress when john boehner is saying i will throw it out there i am hope. what do you think? >>guest: he also said revenue through tax reform so he is getting the message which is go into the tax expenditures, and we found $1 trillion, $100 billion of those babies over 180 who only go 20 percent of the american people using 80 percent of them. only 27 percent of the american people itemize so who is using this stuff? if the money guys are concerned, we will do what we suggested, go in there and get your revenue by doing tax reform and go to the study rate of 8 percent, $70,000 and what we did. anyway, good to hear him talking. in will be a great tap dance. i heard the phrase "the dancing" begins and it will look like fred astaire on steroids. >>neil: but ginger did it backward in heels. maybe i am overanalyzeing because we have not had any sleep the last two days but, senator, when i heard him raise the
. former senator, alan simpson, may be wrong on many things but he has nailed grover norquist. >> he was gathering up those signatures back in the '80s and early '90s when inflation was zip, when unemployment was zip and anybody who would sign anything before they come to congress and hear the debate and participate in it hopefully. why would you do that? it is like selling your soul. let me tell you. he is becoming irrelevant. you can see it in his eyes. he knows the game is up, because good people of good faith have decided instead of being republicans or democrats, they are americans. >> according to norquist, republicans only need to worry if they violate the pledge. >> it is possible if the republicans lose in such a way that they have their fingerprints on the murder weapon then you have a problem. >> murder weapon. norquist also takes cheap shots in defending his anti-tax pledge. >> two things. the pledge is not for life but everybody that signs the pledge, including peter king, who tried to weasel out of it, shame on him in the new york sunset today. i hope his wife understan
-chair of the president's debt commission along with alan simpson. he went on to say he is not optimistic this whole deal will be reached on fiscal armageddon you hear so much about by the end of the year. then of course it does get to be, you know, a hail mary pass for this economy. who better to address on all these issues than pastor rick warren. of course, saddleback church fame. you know it is interesting about the purpose driven life. we're on 10-year anniversary one of the most talked about and successful books i think since the bible. the ref rind is a very modest man -- reverend. the purpose driven life, 32 million copies. by comparison, bill o'reilly's killing lincoln, one of the most popular books in the country right now, 2 million copies. the reverend has sold 16 times the number of books of bill o'reiily, which clearly tells me bill o'reilly is going to hell. "killing kennedy", half a million copies. he is way behind you. all in good fun. pastor, very good to have you. >> thanks, neil. good to be back with you. ironic i'm in new york city and you're in l.a. today so. neil: i know. my loss b
a commitment and alan simpson's people for fix the debt, specifically beth sullivan have not allowed them to come to speak to you on fox business. apparently david, they don't want to fix the debt. david: we don't have problems with mr. simpson or mr. bowles. we have problems with the handlers. the debate we're involved in, really historic debate is not exclusive to anybody. it is a debate all networks, all individuals are interested in. if they're interested in getting the message of that debate they should not consider themselves exclusive to one party. liz: particularly considering fox business from the start talked about being supportive of simpson and bowles. for those pr people of the fix the debt campaign. specifically beth sullivan to disallow this is pretty stunning. you saw the two cs.
. the full metaphor. thank you, senator alan simpson, co-chair of the simpson bowles. don't use bowles simpson because the acronyms can be wrong. we don't do that. >> you had to ruin my day. you were doing so good with that soap and bathtub. thank you, senator. >>> an article in today's "new york times" points out president obama may get trouble from his own left wing, the progressives, even far progressive when he tries to negotiate a budget deal. it reads in part president obama's re-election and democratic gains in congress were supposed to make it easier for the party to strike a deal with republicans to resolve the year-end fiscal crisis by providing new leverage, but they could also make it harder as empowered democrats, including some elected on a liberal platforms, resist significant changes in entitlement programs like social security and medicare. joining me is a liberal senator from rhode island, senator sheldon whis whitehouse of rhode island. you're smiling but i don't know whether it's in delight you're going to be a holdout. a friend of mine, frank sullivan, regularly te
called the simpson bawls, a bipartisan effort led by alan simpson of wyoming, and bowles of south carolina. they propose cutting tax rates, eliminating loopholes, deductions, and exemptions, and reducing rates, but taking 8% of the revenues that are generated by that process, and putting that gex p against the debt. that's proven, responsible, and nobody wants to raise taxes, but we have to talk seriously about this, and some frame work like simpson bowles or the other plans out there on a bipartisan basis, i think, are going to be necessary to solve this problem. i think what we'll end up with is a fair tax system and lower rates across the board and more fairly distributed amongst our people. >> moderator: mr. woods? woods: it's common sense, math, there has to be revenue and cuts. i appreciate, again, secretary summers talking on the issue, but for somebody who signed the grover pledge, he's not allowed to talk about revenue, even if he believes it in the heart, showed him a spreadsheet showing it's just math. charlie said, no, i can't do it. i signed a pledge. >> [inaudible] >
a lot of attention is erskine bowles. who along with alan simpson created the simpson-bowles plan on deficit reduction. i have to start by asking you, did you ever think your name would be part of pop culture? you are the bowles in simpson bowles. >> better be simpson bowles than bowles simpson since everybody knows him by his initials here in washington. >> so, when you talk about things, sacred cows, untouchables, whatever the word might be, in your proposal, the one paul ryan decided not to back, the one barack obama decided not to back, you had an increase in the federal gasoline tax. caps on mortgage interest. charitable donations and retirement contributions. these were all tough choices you made. you also increased the eligibility age for medicare and social security. reduced benefits for wealthier seniors. some of those things i've heard democrats and republicans say they agree on, others they loathe them. is there anything that should be untouchable? >> the problems are real, no easy way out. we've got to come up with at least $4 trillion of deficit reduction and that's n
that are simply going to want to hire alan simpson and say just speak and let that go as a show. let's bring in our panel, contributor and former deputy press secretary for president george w. bush, msnbc contributor and former dnc spokeswoman and roll call's david directeder. i think the big news of the day is tom cole. how much influence does tom cole have inside the house republicans among the conservative pragmatists? >> not much. i wouldn't make too much of this other than it's another republican talking about the e idea that we don't have to raise -- we don't have to hold firm on this idea. it's notable because you have somebody going public with the idea that, hey, let's just do what the president wants. but if you're -- correct. if you're looking at it asings oh, he can give people cover, he's going to influence people to change their minds, no. >> but the polling piece -- i heard you say that about him earlier, that's not insignificant. at this point, remember, the polls say overwhelmingly americans will blame republicans if this deal goes down. the president has the wind at his b
, and former republican senator alan simpson. they previously co-chair the@ bipartisan after commission on fiscal response ability and reform under president obama. co-founder erskine bowles warned of the dangers of the growing national debt. >> we have today over $1 trillion a year, that are like a cancer. over time, they're gone to destroy our country from within. >> critics have accused the group of using the budget crisis to push for corporate tax cuts. the institute for policy studies in washington, d.c. is publishing a report called "the ceo campaign to 'fix' the debt: a trojan horse for massive corporate tax breaks." for more, we're joined by sarah anderson. welcome. what is happening today in washington, d.c.? >> what people and not talking about the pledge while people are not talking about the sex life of general petraeus, they're talking about the budget showdown. one of the debate is called the campaign "fix the debt." a dco's from america's art as corporations. they're doing a major blitz, to train themselves as the reasonable ones because they're caor both raising revenues
at 4:00 on "the closing bell," erskine bowles and alan simpson. no one has better insight on the fiscal cliff. that's coming up at 4:00. >>> over the past decade, u.s. debt has grown at an average rate of 10% per year. [ male announcer ] introducing the new dell xps 12. part of a whole new line of tablets from dell. it's changing the conversation. ♪ it's changing the conversation. those little things for you, life's about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do not drink alcohol in excess with cialis. side effects may include headache, upset stomach, d
you. david: alan simpson, erskin bowles, good guys. anytime they want to come on, not so to miss sullivan. she can't come on. liz:. liz: melissa francis is next. she is always welcome. melissa: i'm melissa francis here is what is "money" tonight. president obama descends on new york just as fema is running out of money. the agency says it will return about through all the its cash by the end of november. are we looking at another major taxpayer bailout? >>> plus the president has banned oil drilling off the atlantic coast but virginia says, no way. the state has a plan to sidestep the ban and tap huge reserves. i will speak to the virginia official leading the charge. >>> a group of millionaires sits down with top white house officials begging for their taxes to go up. one of them is here to explain it to me. even when they say it is not, it is always about money. melissa: first let's take a look at the day's market headlines. stocks recover from session lows but mixed economic data and fiscal cliff weigh the dow down for the sixth time in seven sessions wal-mart disappointed wit
by a form with alan simpson and erskine bowles. president obama says that he and congressional leaders have urgent business to do. he mentioned taxes for the middle class and recreation. his statement came before a meeting with congressional leaders at the white house. >> i want to welcome the congressional leadership. i want to thank them for their time. we are well aware that we have important business to do. we have to make sure that taxes do not go up on middle class families. we need to make sure our economy remained strong and we create jobs. that is an addendum that both parties and independents and people throughout the country share. our challenge is to make sure that we are able to cooperate together, work together, and find common ground. make the compromises and find some consensus. i think all of us agree. we need to be focus on them and not on politics in washington. my hope is that this will be the beginning of a free fall process -- fruitful process and we are able to balance our deficit in a balanced way. we will be focusing to make sure that middle class families are able
. mainly through the good work of erskine bowles and alan simpson, but hard work was put into this by 18 members, evenly divided between house and senate, democrat and republican. we voted for the final work product. then i was invited to join the gang of 6 to try to continue the conversation and that expanded to the gang of 8. has been going on for two years. that's awful lot of popcorn in mark warner's office, but it was a great indication -- education and in really talking through not just the reality of the deficit but the political reality of the deficit, which we have to be more sensitive to if we're looking for a solution. all all the way, some of my friends on the left came to visit. i recall one in particular, a labor leader who said, "what is a nice progress of like you doing in a place like this? why are you hanging with these people? you know they are up to no good ." i disagreed with this person and i said, given a choice between attending a press conference and a walk. outside with a sign it, or been seated at the table, which you think is the best place for me? she said tu
commission alan simpson and erskine bowles say you law make are haven't been focused on what's really right for the country. >> leaders who think it would be to their advantage to go off a fiscal cliff. what a wonderful trait that is. that we can win more democrats if we let it go over, we can win more with republicans. this whole game is not about win or lose. it's about how do we make the dems lose and how do we make the republicans lose. people are sick of that and they're ashamed of if. >> if we do get our house in order, the future of america is really bright. and we can compete with the best and brightest. if we don't, we're well on on our way to becoming a second rate power. >> simpson isn't hopeful a deal will be reached before the end of the year. bowles sees a one third chance. on that optimistic note, joining us is ben white from politico. so what's it going to be, economic chaos? >> no, i think i'm at more saa more sanguine. republicans lost seats in the house and senate and big at the presidential level. i think they're putting up a good face that they won't allow any marginal
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